Real Estate News

The Montréal Area's Residential Real Estate Market Remained Robust in the Second Quarter of 2018

L’Île-des-Sœurs, July 16, 2018 – The Greater Montréal Real Estate Board (GMREB) has released its most recent residential sales statistics for the Montréal Census Metropolitan Area (CMA), based on the real estate brokers’ Centris provincial database. In total, 14,771 residential sales were concluded in the second quarter of 2018, a 4 per cent increase compared to the second quarter of last year.Here are the Q2 highlights:

Sales

The 4 per cent increase in sales in the second quarter of 2018 represents the sixteenth consecutive quarterly sales increase in the Montréal CMA.

Condominiums remained the most dynamic property category with a 13 per cent jump (5,120) in the number of transactions, while plexes (1,332) registered a modest increase of 1 per cent.

Sales of single-family homes (8,301) fell for the first time since the second quarter of 2014 (-1 per cent).

The median price of single-family homes ($322,509) and condominiums ($253,000) in the Montréal CMA continued to rise, growing by 3 per cent for both property categories. The median price of plexes with two to five dwellings ($510,000) also continued to increase (+6 per cent).

Like in the previous quarter, the Island of Montréal and Vaudreuil-Soulanges stood out with the largest increases in median price, at 7 per cent and 12 per cent, respectively.

These two areas also stood out for their increase in the median price of condominiums: +5 per cent on the Island of Montréal and +6 per cent in Vaudreuil-Soulanges.

Active listings

On average, just over 24,000 residential properties were listed on the Centris system in the second quarter of the year, the lowest second-quarter level since 2010.

This also represents a 17 per cent decrease compared to the second quarter of last year and the eleventh consecutive quarterly drop in active listings.

"Residential sales in the Montréal CMA have been increasing for four years now," said Mathieu Cousineau, President of the Board of Directors of the Greater Montréal Real Estate Board (GMREB) and spokesperson for the Québec Federation of Real Estate Boards in the Montréal area. "This sustained pace of sales, combined with the steady decline in the number of properties for sale, gives sellers an increasingly advantageous position in negotiations," he added.

Province of Québec: A Second Quarter of Record-Setting

Sales

The Québec Federation of Real Estate Boards (QFREB) has released its most recent residential real estate market statistics for the province of Québec, based on the real estate brokers’ Centris provincial database. In total, 27,037 sales were concluded in the second quarter of 2018, setting a new second-quarter record. This was also a 6 per cent increase in sales compared to the second quarter of last year."This now makes sixteen consecutive quarters that residential sales have increased in Québec," said Paul Cardinal, Manager of the QFREB's Market Analysis Department. "This is only the second time since statistics have been compiled that there's been such a long streak of sales increases," he added.

Here are some of the highlights for the second quarter of 2018.

Sales

Sales across Québec increased for all three property categories but condominiums clearly stood out with a jump of 14 per cent (6,354 transactions). Sales of single-family homes (18,426 transactions) and plexes with two to five dewllings (2,123 transactions) both increased by 3 per cent.

Geographically, all of the province's census metropolitan areas (CMAs) registered an increase in sales in the second quarter of 2018, with Gatineau (+15 per cent) and Trois-Rivières (+12 per cent) leading the way. The CMAs of Saguenay, Sherbrooke, Québec City and Montréal followed, with respective increases of 9 per cent, 8 per cent, 6 per cent and 4 per cent.

The downward trend in active listings continued for a tenth consecutive quarter. From April to June, there was an average of 67,019 properties for sale on the real estate brokers' Centris system, which is a 9 per cent drop compared to the second quarter of 2017.

Prices

For the province as a whole, the median price of single-family homes increased by 2 per cent to reach $255,000. This was the smallest increase in the past six quarters.

The largest increases in median price for single-family homes were in the agglomerations of Rouyn-Noranda (+16 per cent), Sorel-Tracy (+7 per cent), Val-d’Or (+7 per cent), Granby (+6 per cent) and Joliette (+6 per cent), as well as in the Sherbrooke CMA (+6 per cent).

The median price of condominiums also increased by 2 per cent for the province as a whole, reaching $235,000.

Finally, properties that sold in the second quarter of 2018 found a buyer faster than they did one year ago. Single-family homes sold in an average of 105 days, 8 days less than in the second quarter of 2017.

Slight Increase in Sales on Montréal's Residential Real Estate Market

L'Île-des-Sœurs, July 6, 2018 - The Greater Montréal Real Estate Board (GMREB) has just released its most recent residential real estate market statistics for the Montréal Census Metropolitan Area (CMA), based on the real estate brokers’ Centris provincial database. In total, 4,081 residential sales were concluded in June 2018, a 1 per cent increase compared to June of last year.

"Residential sales in the Montréal area have now increased for 40 consecutive months," said Mathieu Cousineau, President of the GMREB Board of Directors. "This level of sustained growth has never been seen before," he added.

Sales by geographic area

Geographically, five of the Montréal CMA's six main areas registered an increase in sales in June.

Laval and Vaudreuil-Soulanges led the way with respective increases of 8 per cent and 6 per cent.

The South Shore and the North Shore were neck-and-neck, as both areas registered a 4 per cent increase in sales, while Saint-Jean-sur-Richelieu saw a 1 per cent increase.

The Island of Montréal was the only area to register a drop in sales in June, as transactions fell by 5 per cent. This was only the second time in the past 24 months that sales decreased on the Island of Montréal.

Sales by property category

It is thanks to the number of condominium transactions that sales in the Montréal CMA increased in June. The 1,383 condo transactions represent a 7 per cent jump compared to June of last year.

In contrast, sales of single-family homes (2,290 transactions) and plexes (404 transactions) fell by 2 per cent and 3 per cent, respectively.

Prices

The median price of single-family homes across the Montréal CMA stood at $325,089 in June, up by only 1 per cent year over year. This was the smallest monthly increase in the past 20 months.

The median price of condominiums was unchanged compared to June 2017 and stood at $256,000.

Plexes registered a more sustained increase in median price at 7 per cent, reaching $507,000.

Number of properties for sale

Across the Montréal CMA, there were 22,333 active residential listings in the Centris system in June, a 17 per cent drop compared to June of 2017.

Led by the South Shore, Montréal's Residential Real Estate Market Set a New Sales Record in May

L'Île-des-Sœurs, June 6, 2018 - The Greater Montréal Real Estate Board (GMREB) has just released its most recent residential real estate market statistics for the Montréal Census Metropolitan Area (CMA), based on the real estate brokers’ Centris provincial database. In total, 5,303 residential sales were concluded in May 2018, a 1 per cent increase compared to May of last year. This was the 39th consecutive increase in residential sales in the Montréal area.

Sales by geographic area

Geographically, the South Shore led the way with a 12 per cent jump in sales. This was followed by Laval, where the number of transactions rose by 4 per cent.

On the North Shore (0 per cent), on the Island of Montréal (-1 per cent) and in Vaudreuil-Soulanges (-1 per cent) sales levels were similar to those registered in May of last year.

The only area to post a decrease in sales was that of Saint-Jean-sur-Richelieu, at 28 per cent.

Sales by property category

Once again, condominiums set the tone for the market as the number of transactions increased by 14 per cent, thanks in particular to a 36 per cent jump in condo sales on the South Shore.

Plexes with 2 to 5 dwellings also performed well, as sales rose by 4 per cent compared to May of last year.

Sales of single-family homes in the Montréal CMA decreased (-6 per cent) for the first time in five months.

Prices

The median price of single-family homes across the Montréal CMA stood at $325,000 in May, up 3 per cent year over year.

As for condominiums and plexes, price growth was more sustained. The median price of condominiums increased by 6 per cent to reach $257,000, while that of plexes jumped by 9 per cent to reach $520,000.

Number of properties for sale

The number of properties for sale continued its downward trend. In May, there were 24,501 active residential listings in the Centris system, which represents a 16 per cent drop compared to one year earlier.

"The number of condominiums for sale in the Greater Montréal area fell by about 22 per cent in May. A drop like this has not been seen in nearly 15 years," said Mathieu Cousineau, President of the GMREB Board of Directors. "With strong demand and a decrease in supply, as we have been seeing for several months now, the condominium segment – against all expectations – is on the verge of moving into a seller's market too," added Mr. Cousineau.

Residential Sales Increase by 10 Per Cent in April in the Montréal Area

L'Île-des-Sœurs, May 4, 2018 - The Greater Montréal Real Estate Board (GMREB) has just released its most recent residential real estate market statistics for the Montréal Census Metropolitan Area (CMA), based on the real estate brokers’ Centris® provincial database. In total, 5,432 residential sales were concluded in April 2018, a 10 per cent increase compared to April of last year. This was the 38th consecutive increase in sales and the best month of April in eight years.

Sales by geographic area

Apart from Vaudreuil-Soulanges, where sales were unchanged compared to April of 2017, all of the other main areas of the Montréal CMA registered a significant increase in sales.

Suburban areas led the way, as sales rose by 15 per cent on the South Shore, by 13 per cent in Saint-Jean-sur-Richelieu and by 12 per cent in Laval and on the North Shore.

As for the Island of Montréal, sales increased by 6 per cent.

Sales by property category

Condominium sales soared once again in April with an 18 per cent increase in transactions. In fact, this was the twelfth consecutive month of double-digit sales growth for this property category.

Single-family homes and plexes both registered a 6 per cent increase in sales compared to April of last year.

Prices

Prices were contained across the Montréal CMA in April. The median price of single-family homes stood at $317,000, a 4 per cent increase compared to one year earlier.

The median price of condominiums increased by 2 per cent to reach $245,350, while that of plexes increased by 3 per cent to reach $500,000.

Number of properties for sale

Across the Montréal CMA, there were 25,466 active residential listings in the Centris® system in April, a 17 per cent drop compared to April of 2017.

"The decrease in the number of properties for sale means that market conditions are becoming increasingly favourable to sellers," said Mathieu Cousineau, President of the GMREB Board of Directors.

The Greater Montréal Real Estate Board Welcomes the New Residential Acquisition Support Program Announced by the City of Montréal

L’Île-des-Sœurs, April 16, 2018 — The Greater Montréal Real Estate Board (GMREB) welcomes the City of Montréal's announcement regarding the creation of the new Residential Acquisition Support Program.

Because homeownership is a real issue for people wanting to acquire a property in Montréal, we are pleased to see that thousands of citizens, including families, will benefit from financial assistance ranging from $5,000 to $15,000 when purchasing a home, depending on the type of buyer and property.

"We particularly welcome the fact that buyers of an existing home will be entitled to a subsidy ranging from $5,000 to $7,000 to pay the transfer taxes," said Mathieu Cousineau, President of the GMREB Board of Directors. "For several years now, the GMREB has been making representations to various municipal authorities in order to make them aware of the importance of implementing transfer tax refund programs. We are therefore very pleased to see concrete measures to this effect," he added.

The homeownership rate in the Montréal Census Metropolitan Area (CMA) continues to lag behind that of the national average, and we hope that this program by the City of Montréal will improve the situation. According to Statistics Canada's latest census data, the homeownership rate in the Montréal CMA stands at 55.7%, while the national average is 67.8%.

We applaud all measures that allow for the reimbursement of transfer taxes, and we encourage other municipalities to follow suit in order to facilitate homeownership.

Montréal's Residential Real Estate Market is Off to a Flying Start in 2018

L’Île-des-Sœurs, April 16, 2018 — The Greater Montréal Real Estate Board (GMREB) has released its most recent residential sales statistics for the Montréal Census Metropolitan AreaCMA), based on the real estate brokers’ Centris® provincial database. In total, 12,311 residential sales were concluded in the first quarter of 2018, a 7 per cent increase compared to the first quarter of 2017.

Here are the highlights of the first quarter of 2018.

Sales

The residential real estate market in the Montréal CMA continued its momentum by registering its 15th consecutive quarterly increase in sales. With 12,311 transactions concluded, this was the best first quarter sales result in seven years.

Among the three property categories, condominiums took the lead with a 17 per cent jump in sales. The 4,278 condo transactions that were concluded in the first quarter of 2018 represent a new first quarter sales record.

Sales of single-family homes (7,005) registered a more modest increase of 2 per cent, while sales of plexes with 2 to 5 dwellings (1,019) rose by 5 per cent.

Across the Montréal CMA, single-family homes ($310,000), condominiums ($245,000) and plexes ($490,000) all registered an increase in median price, at 5 per cent, 3 per cent and 7 per cent, respectively.

The areas of Vaudreuil-Soulanges and the Island of Montréal stood out with the largest increases in the median price of single-family homes, at 8 per cent each.

The two areas that stood out with the largest increases in the median price of condominiums were Laval and, once again, Vaudreuil-Soulanges, at 7 per cent each.

Active listings

Active listings fell for a tenth consecutive quarter, with an average of 25,910 properties for sale in the Montréal CMA. This is down 16 per cent compared to the first quarter of last year.

"Because of the sharp drop in supply for all three property categories, coupled with the increase in sales, market conditions are becoming more and more advantageous for sellers," said Mathieu Cousineau, President of the Board of Directors of the Greater Montréal Real Estate Board (GMREB) and spokesperson for the Québec Federation of Real Estate Boards in the Montréal area. "The only property category that is still showing balanced market conditions is that of condominiums," he added.

Residential Sales in Québec: Best First Quarter in Six Years

The Québec Federation of Real Estate Boards (QFREB) has released its most recent residential real estate market statistics for the province of Québec, based on the real estate brokers’ Centris® provincial database. In total, 22,050 sales were concluded in the first quarter of 2018, a 3 per cent increase compared to the first quarter of 2017. This was the fifteenth consecutive quarterly increase in sales and the best start to the year since 2012.

Here are the highlights for the first quarter of 2018:

Sales

In total, 15,020 single-family homes (0 per cent), 5,260 condominiums (+13 per cent) and 1,679 plexes (+2 per cent) changed hands in the first quarter of 2018.

As for the province's six Census Metropolitan Areas (CMAs), that of Montréal registered the largest increase in sales at 7 per cent, followed by Saguenayat 5 per cent. Sales in the Québec City and Sherbrooke (CMAs were unchanged, while sales in the Trois-Rivières (-11 per cent) and Gatineau (-8 per cent) CMAs decreased.

Active listings

The number of properties for sale continued to fall, as the drop in supply continued for a ninth consecutive quarter. In total, 68,423 residential properties were listed on the Centris® system in Québec, a 9 per cent decrease compared to the first quarter of 2017.

The number of active listings decreased for all three property categories, falling 8 per cent for single-family homes, 13 per cent for condominiums and 4 per cent for plexes.

"The downward trend in active listings is widespread across the province," said Paul Cardinal, Manager of the QFREB’s Market Analysis Department. "The supply of properties has decreased in all of the province's urban centres, with five exceptions – Sainte-Adèle (+21 per cent), Rimouski (+13 per cent), Shawinigan (+4 per cent), Saguenay (+3 per cent) and Québec (+1 per cent)," he added.

Prices

For the province as a whole, the median price of single-family homes increased by 3 per cent to reach $248,000.

The median price of condominiums also increased by 3 per cent for the province as a whole, reaching $229,000, while that of plexes grew by 6 per cent to reach $380,000.

Finally, properties that sold in the first quarter of 2018 found a buyer in less time than they did one year ago. Single-family homes sold in an average of 110 days, 5 days less than in the first quarter of 2017. It took an average of 115 days for a condominium to sell, a decrease of 16 days.